The market cautiously positive before Biden stimulus package announcement

DJIA futures currently higher 80 points before the market open. Traders and investors are waiting for the announcement of Biden’s stimulus package. We are 1-week toward the inauguration of president-elect Joe Biden. Meanwhile, the House voted to impeach Trump for incited riot at the Capitol. The Senate won’t start a trial until Tuesday or one day before Biden’s inauguration.

Today, the market is expected to trade on mixed sentiment as traders and investors might decide to stay sideline before next week’s inauguration.

Asian & European Stock market

The Asian stock market mixed. Japan stock market up 241.67 points (+0.85%) to 28,698.26, China stock market down 32.75 points (-0.91%) to 3,565.90 and Australia ASX 200 up 28.70 points (+0.43%) to 6,715.30. The European stock market took a bullish path. DAX Germany up 0.20%, UK FTSE up 0.47%, and Euro Stoxx600 up 0.33%.

Technical Analysis

Dow Jones Industrial Average (INDU)

No change compared to the previous day situation, the index will continue to hang near the current level until next week Biden’s inauguration. Without any bearish correction, traders might want to stay sideline for now.

Automatic Data Processing (ADP)

ADP share prices look started a bearish correction and slowly move lower. The share prices soon will reach the daily SMA 100 and 200. Traders will observe ADP reaction from both averages. If there is a bullish reaction from the averages then traders could enter long positions.